New Multifamily Complex To Break Ground In Egg Harbor

Egg Harbor Township is getting its first new multifamily development since 2002. Franklin Realty Development has secured a $34.7M construction loan to complete the financing it needs to begin building Harbor Landing, an eight-building garden apartment complex. It expects to break ground within 60 days. Harbor Landing is slated to contain 204 market-rate apartments spread across its eight buildings, surrounding a saltwater pool, tennis and volleyball courts and two dog runs. D2 Capital Advisors, an affiliate of the D2 Organization, secured the loan on behalf of Franklin Realty from a regional bank and an undisclosed private equity source. D2 Organization President Keith Delaney said Egg Harbor is the fastest-growing township in New Jersey, with a multifamily occupancy rate of 95%. Without any new construction in the last 16 years, the South Jersey township exhibits strong enough fundamentals to convince debt sources, Delaney said in a press release.